June 23, 2023 / 09:30 AM IST

Share Market Live Updates | Eros International Media shares slips 18% as SEBI restrains 2 seniors to carry key positions

Eros International Media share value plunged 18 p.c within the early commerce on June 23 after market regulator Securities and Exchange Board of India (SEBI) restrained firm’s Managing Director Sunil Arjan Lulla and CEO Pradeep Kumar Dwivedi from holding any board positions or key managerial positions, by means of an interim ex-parte order handed on June 22.

The two senior executives, the corporate, Eros Worldwide FZ and Eros Digital Private Ltd have been banned from accessing the securities markets till additional orders too.

The Securities and Exchange Board of India (Sebi) has appointed a forensic auditor to analyze whether or not funds have been siphoned off from the corporate, and the investigations have nonetheless not been accomplished.

According to the interim order, “pending completion of the detailed investigation initiated by SEBI, there is a need to pass an ad-interim ex-parte order to protect the interests of public shareholders as well as the interest of the general investors and to prevent any further deterioration of funds/assets of Eros”.

This urgency is as a result of, although the investigation was began after uncertain financials had been reported for FY20, the officers consider that the financials of the corporate are nonetheless being misrepresentated and that cash is being forwarded to entities associated to the promoters.

In an change submitting, Eros International Media acknowledged receipt of the order. It added, “We are in the process of seeking legal advice in the matter and taking appropriate actions, as may be advised”.